Victory Capital's independent board member resigns to make way for talented people

An independent member of Victory Capital's Board of Directors has resigned, citing the Company's restructuring and need for changes in leadership to align with its new strategy.

Mr. Nguyen Tuan Anh, Independent Member of the Board of Directors and Chairman of the Audit Committee at Victory Capital Joint Stock Company (HoSE: PTL) has just submitted a resignation letter from all positions.

In the petition, Mr. Tuan Anh said that Victory Capital Company is in the process of restructuring and needs changes in the leadership to suit the new strategy.

“Therefore, I believe it is time to create opportunities for other talented people to contribute to the development of the Company,” he wrote in the letter, and resigned from all positions from August 21.

Victory Tower Building. Photo: Trong Tin

Regarding business performance, in the first half of 2024, Victory Capital recorded sales and service revenue of VND 87.6 billion and gross profit of VND 47 billion.

However, due to recording another loss of up to 46 billion VND, plus other expenses, Victory Capital reported a loss after tax of more than 16.8 billion VND.

In 2024, Victory Capital sets a target of revenue and other income of more than 159 billion VND, nearly 6 times higher than in 2023; pre-tax profit of 42 billion VND, 17.7 times higher.

This year, the company said it will take over the management and operation of the Victory Tower building (District 7, Ho Chi Minh City). It will renovate, repair, and maintain the building's technical systems, ensuring the building's safe and stable operation.

Along with taking over the operation of Victory Tower, the company also plans to find customers and develop business plans for vacant premises at Victory Tower, commercial premises on floors 2-3 of My Phu apartment building, basement areas privately owned by the Company at My Phu apartment building...

At the 2024 Annual General Meeting of Shareholders, shareholders approved the M&A proposal for businesses with industries suitable for the Company's business model and development orientation, authorizing the Board of Directors to implement.

To date, Victory Capital has completed the purchase of 72% of the capital of VictoryCons Joint Stock Company on June 20 for more than VND 108 billion; and Tan Long Phat Real Estate Investment Joint Stock Company (subsidiary) completed the purchase of 65% of the capital of DBFS Joint Stock Company on June 14 for nearly VND 23 billion.

The purchase of shares of the above two enterprises is part of the Company's development orientation according to the financial investment model in the coming years to create an ecosystem with suitable industries.

On the stock market, PTL shares are still in warning status because the undistributed profit after tax on the 2024 semi-annual audited consolidated financial statements is negative 565.86 billion VND, the shares do not meet the regulations of the Listing and Trading Regulations on listed securities.

Source: https://baodautu.vn/thanh-vien-hdqt-doc-lap-victory-capital-xin-tu-nhiem-de-nhuong-ghe-cho-nguoi-tai-nang-d223160.html